UBS: Global non-energy shipping has clearly rebounded.

A report released by UBS on Friday showed that if you take your eyes off the Gulf region and the energy sector, the current disruptions in shipping are not actually as severe. UBS stated that non-energy shipping weakened in March and April, being 13% lower than the 12-month average at that time; but there was a strong rebound in May, with it now only 4% below normal levels. In the Gulf region, non-energy shipping is still about 83% below normal levels, which is not surprising. However, in Asia, non-energy transportation was 10% below normal levels in April, but it is now slightly above normal levels. Investors will be watching to see if this recovery will translate to other data. UBS stated that the delivery time indicator in the purchasing managers' index has extended by around 1.75 standard deviations.